The company is focused on driving high-margin mass market gaming, while providing luxury amenities and high service levels to VIP and premium players. Management estimates mass market table revenues typically generate a gross margin substantially higher than the gross margin on VIP table.

The company plans to expand convention sector capabilities, redevelop a tropical garden attraction, and broaden its entertainment and sporting event portfolio in Macao. These non-gaming investments are intended to enhance Macao's appeal to an international audience.

The construction commencement date for the MBS Expansion Project has been extended to April 8, 2024, and the completion date to April 8, 2028. The company expects the total project cost will materially exceed the amounts referenced above from April 2019 due to inflation and higher material and labor costs.

The company highlights its experienced management team, including the Chairman and CEO, Robert G. Goldstein, who has been with the company since its inception, and the President and COO, Patrick Dumont, who has been with the company for more than 13 years.

Management expects to benefit from lower unit costs due to the economies of scale inherent in operations, including lower utility costs, more efficient staffing, and centralized transportation, marketing, sales, and procurement.

The company has faced challenges in completing the design and reviewing the budget and timing of the MBS expansion, leading to delays in delivering the construction cost estimate and schedule to lenders and potentially impacting the project's timeline and cost.

The company's business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of downturns in the economy, which could reduce demand for their luxury amenities and leisure activities.

The company depends primarily on its properties in Macao and Singapore for all of its cash flow, making it vulnerable to economic and political conditions in these regions.

The company is subject to extensive regulations that govern its operations in Macao and Singapore, and changes in these regulations could impact their business. The Macao Concession and Singapore development agreements and casino license can be terminated or redeemed under certain circumstances without compensation to the company.

The company's established brands, such as The Venetian Macao and Marina Bay Sands, have broad regional and international market awareness and appeal, attracting multiple segments of leisure and business tourism.

The company focuses on the high-margin mass gaming segment and continues to have the highest percentage of gaming win from mass tables and slots of the Macao operators.

The company faces intense competition from other casinos and resorts in Macao and Singapore, as well as online gaming and cruise ships that offer gaming. This competition may increase in the future.

Management expects to benefit from lower unit costs due to the economies of scale inherent in operations, including lower utility costs and more efficient staffing.

The company is focused on more efficient staffing of hotel and gaming operations, and centralized transportation, marketing and sales, and procurement to reduce costs.

The company's operations are sensitive to natural or man-made disasters, outbreaks of infectious diseases, political instability, civil unrest, terrorist activity, or war, which could disrupt operations and decrease visitation.

The company incurred $109 million in development expenses for its digital gaming related efforts, indicating a commitment to innovation in this area.

The company acknowledges the importance of maintaining the integrity of its information and information systems and the potential for cyber-attacks and security breaches that could harm its reputation and adversely affect its business.

The company relies extensively on computer systems and third-party providers for gaming and payment processing, which could lead to disruptions if these services are unavailable.

The company reinstated its quarterly dividend program in August 2023, signaling confidence in its cash flow generation and a commitment to returning capital to shareholders.

The company's Board of Directors authorized increasing the remaining share repurchase amount to $2.0 billion, demonstrating a commitment to returning capital to shareholders and confidence in the company's valuation.

The company has significant capital expenditures planned for the MBS Expansion Project and other development projects, including the renovation of The Londoner Macao, which are expected to materially impact future cash flows.

The company is dedicated to sustainability across environment, social and governance priorities, and is focused on minimizing its environmental impact through its Sands ECO360 global sustainability program.

The company was named to the Dow Jones Sustainability North America Index for the sixth consecutive year and to the Dow Jones Sustainability World Index for the fourth consecutive year, recognizing its ESG leadership and performance.

The company drives social impact through its Sands Cares charitable giving and community engagement program, making substantial contributions to host communities.

Macao's gaming market is recovering, with annual gross gaming revenues increasing by 333.8% in 2023, although still below pre-pandemic levels. Visitation to Macao has also increased.

Singapore welcomed approximately 13.6 million international visitors in the twelve months ended December 31, 2023, a 115.8% increase compared to the same period in 2022, indicating a strong recovery in tourism.

The company faces risks and uncertainties associated with evolving Chinese laws and regulations, which could potentially result in its Macao operations being materially adversely affected.